Anjoy food(SH:603345) EBSCN·2024-06-11 00:31Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The product matrix is continuously optimized, with strong growth potential in the skewered food business. The company is focusing on new product launches and channel expansion to enhance sales during peak seasons [2]. - The impact of industry price competition is minimal, and the company is expected to see a long-term increase in profit margins due to its strong brand presence and product differentiation [2]. - The national capacity layout supports the company's localization strategy, allowing for customized production and the exploration of regional opportunities [2]. - Despite external consumption pressures, the company's diversified product offerings and localization transformation are expected to drive sustainable growth and solidify its market leadership [2]. Financial Forecasts and Valuation - The forecasted net profit for the company is projected to be 1.66 billion, 1.92 billion, and 2.09 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15, 13, and 12 times [2][8]. - The company is expected to maintain stable profitability compared to other frozen food companies, with a projected revenue growth rate of 31.39% for 2024 [3][8]. - The report highlights a steady increase in gross margin, expected to reach 23.7% by 2026, indicating improved operational efficiency [8].